Car Title Loans in Alabama – What You Need to Know
According to a Google Trends report of the keyphrase “loans,” over the past 12 months, the most searched categories of loans in Alabama are: student, home, direct, bad credit, and payday. With the top 3 searched categories, student, home, and direct loans, individuals with poor credit history will find it extremely difficult to get approved. A bad credit loan is a term that can refer to several different sources of financial aid. A payday loan is a type of bad credit loan and is also the 5th most searched loan category in Alabama over the past year. However, a type of loan that seems to be relatively unknown in Alabama is a car title loan. Commonly referred to as “the cousin of payday loans”, a car title loan allows a borrower to obtain cash with no credit check and the amount they can receive is based upon their car’s value.
Car title loans are commonly mistaken for auto loans. An auto loan is when a lender provides a borrower with cash in order to purchase a car. A title loan is when a borrower uses the car they already own to acquire funds for whatever expenses they may have. When first hearing about title loans, many potential borrowers worry that they will have to give up their car for the loan. This is not the case – with an auto title loan, the borrower is able to continue driving their vehicle throughout the duration of the loan. The lender simply holds onto the automobile title and when the amount is paid back, the lender returns the title. It’s a very simple concept.
As far as getting a car title loan in Alabama , there is not much information out there about the best companies. From personal research, I recommend using AL-CarTitleLoans.com as they have been involved in the title loan industry for 10+ years and have helped thousands of people with cash needs. They serve the entire state so you don’t have to worry about a long drive to their location – they most certainly have a store just minutes from where you reside.
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